Arrowpoint Investment Partners Singapore Pte. Ltd. Takes Position in Perrigo Company plc (NYSE:PRGO)

Key Points

• Arrowpoint Investment Partners has invested $308,000 in Perrigo Company plc, acquiring 11,000 shares as part of their new position in the stock.
• Several institutional investors, including the State of Michigan Retirement System and Fifth Third Bancorp, have also increased their holdings in Perrigo, demonstrating strong institutional interest.
• Perrigo recently announced a quarterly dividend of $0.29 per share, which reflects a 5.0% dividend yield, despite a negative net margin reported for the last quarter.

Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new stake in shares of Perrigo Company plc (NYSE:PRGO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 11,000 shares of the company's stock, valued at approximately $308,000.

A number of other hedge funds also recently made changes to their positions in PRGO. American Assets Inc. bought a new position in shares of Perrigo during the 4th quarter valued at approximately $386,000. LPL Financial LLC boosted its stake in Perrigo by 34.4% in the 4th quarter. LPL Financial LLC now owns 37,738 shares of the company's stock worth $970,000 after purchasing an additional 9,663 shares during the period. Invesco Ltd. boosted its stake in Perrigo by 8.1% in the 4th quarter. Invesco Ltd. now owns 1,565,551 shares of the company's stock worth $40,250,000 after purchasing an additional 117,469 shares during the period. Raymond James Financial Inc. bought a new position in Perrigo in the 4th quarter worth approximately $3,177,000. Finally, LSV Asset Management boosted its stake in Perrigo by 1,332.7% in the 4th quarter. LSV Asset Management now owns 74,500 shares of the company's stock worth $1,915,000 after purchasing an additional 69,300 shares during the period. 95.91% of the stock is currently owned by institutional investors.

Perrigo Trading Down 1.3%

PRGO traded down $0.30 during trading on Friday, reaching $22.73. The company had a trading volume of 1,173,437 shares, compared to its average volume of 1,789,021. The stock has a market cap of $3.13 billion, a P/E ratio of -39.19 and a beta of 0.47. The business has a 50 day simple moving average of $26.42 and a 200-day simple moving average of $26.28. Perrigo Company plc has a 52 week low of $21.03 and a 52 week high of $30.93. The company has a quick ratio of 1.24, a current ratio of 2.32 and a debt-to-equity ratio of 0.81.

Perrigo (NYSE:PRGO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.59 by ($0.02). The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. Perrigo had a positive return on equity of 9.09% and a negative net margin of 1.86%. The firm's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.53 earnings per share. On average, equities analysts anticipate that Perrigo Company plc will post 2.56 EPS for the current fiscal year.

Perrigo Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 29th will be paid a $0.29 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.16 dividend on an annualized basis and a yield of 5.1%. Perrigo's dividend payout ratio (DPR) is presently -200.00%.

Analyst Ratings Changes

PRGO has been the subject of several recent analyst reports. Wall Street Zen upgraded Perrigo from a "hold" rating to a "buy" rating in a research note on Saturday. JPMorgan Chase & Co. lowered their target price on Perrigo from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Finally, Canaccord Genuity Group lowered their target price on Perrigo from $42.00 to $40.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $33.00.

Perrigo Profile

Perrigo Company plc provides over-the-counter health and wellness solutions to enhance individual well-being in the United States, Europe, and internationally. It operates through Consumer Self-Care Americas and Consumer Self-Care International segments. The company develops, manufactures, markets, and distributes self-care consumer products, such as upper respiratory products, including cough suppressants, expectorants, and sinus and allergy relief; nutrition products consisting of infant formulas and nutritional beverages; digestive health products, including antacids, anti-diarrheal, and anti-heartburn; pain and sleep-aids products comprising pain relievers and fever reducers; and oral care products, which include toothbrushes, toothbrush replacement heads, floss, flossers, whitening products, and toothbrush covers.